IBEX Limited enters the post-earnings stretch with three signals pointing in the same direction — and a $20 million share repurchase program announced today that sharpens the setup further.
The catalyst is last week's earnings print. The stock jumped 15.6% the day after reporting on May 6, its biggest single-session move in recent memory. Revenue growth hit 18.2%, the best in 11 quarters. Digital and omni-channel delivery grew 24.7% and now accounts for 82% of total revenue. The stock closed at $31.02 on Tuesday, up 9.4% on the week and 12.8% over the past month, even after a 4.8% pullback in the most recent session — a common exhale after a sharp post-earnings gap.
The positioning picture reinforces the bullish lean. Short interest has fallen sharply — down 36% over the past month to just 1.04% of free float, the lowest level in the 30-day window — as bears who had built up positions during April's broader market turbulence have steadily covered. Borrowing costs have collapsed in tandem, dropping from a peak above 3% in early April to just 0.60% now, a fall of more than 79% over the month. Availability remains comfortable, and with the short score at 28.2 — well below stress territory — there is no meaningful squeeze dynamic at play. The borrow market is telling a story of orderly exits, not forced unwinds.
Options traders are leaning just as hard to the upside. The put/call ratio has fallen to 0.066, roughly two standard deviations below its 20-day average of 0.131 — the most call-skewed reading in the data window and close to the 52-week low of 0.058. That level reflects heavy demand for upside exposure relative to downside protection. It is worth noting the 52-week high on PCR sits at 3.09, so this is a swing from one extreme to the near-opposite in a matter of weeks, driven almost entirely by the earnings catalyst and the buyback announcement.
The Street has been cautiously constructive, though analyst data here is notably stale — the most recent target changes on record are from late 2025, when RBC Capital lifted its target to $40 and Baird downgraded to Neutral at $30. The mean price target of $37.50 implies about 21% upside from current levels, but given the staleness of these numbers they should be treated as directional context rather than live conviction. IBEX trades at roughly 7.7x trailing earnings and 4.3x EV/EBITDA — multiples that look undemanding for a business growing revenue at nearly 20%. The EPS surprise score ranks in the 74th percentile, consistent with a track record of beating expectations.
On the ownership side, American Century added 74,543 shares in the most recent quarter, while Columbia, Dimensional, and Hillsdale each made modest additions. TRG Pakistan remains the anchor holder at 12.9% with no change. The one offsetting note is CEO Bob Dechant, who sold 30,000 shares in a series of transactions in February at prices between $28.46 and $29.98 — all below the current price. A fresh Form 4 filed today for Dechant, alongside a Form 144, suggests additional selling may be continuing even as the company simultaneously announced the buyback; that juxtaposition is worth watching.
Among correlated peers, FA stands out, up 23% on the week — the strongest mover in the group — while G fell 8.3% and EXLS dropped 4.9%. PAYC and ADP were modestly positive. IBEX's 9.4% weekly gain sits in the upper half of the peer range, broadly consistent with its earnings pop rather than a sector-wide move.
The next confirmed earnings event is slated for September 10. Between now and then, the buyback execution pace, whether insider selling continues at the current cadence, and any updates on the generative AI implementation pipeline are the primary things worth tracking.
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